Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
The industry rank for BJ's Wholesale Club Holdings's Net-Net Working Capital or its related term are showing as below:
BJ's Price-to-Net-Net-Working-Capital is not ranked *
in the Retail - Defensive industry.
Industry Median: 5.37 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
BJ's Wholesale Club Holdings (NYSE:BJ) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
BJ's Wholesale Club Holdings Net-Net Working Capital Related Terms
BJ's Wholesale Club Holdings Net-Net Working Capital Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
BJ's Wholesale Club Holdings Net-Net Working Capital Chart
BJ vs PSMT, TBBB, OLLI: Net-Net Working Capital Comparison
For the Discount Stores subindustry, BJ's Wholesale Club Holdings's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
BJ's Wholesale Club Holdings Price-to-Net-Net-Working-Capital vs Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, BJ's Wholesale Club Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where BJ's Wholesale Club Holdings's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $-36.81 mean?
BJ's Wholesale Club Holdings (BJ) has a Net-Net Working Capital of $-36.81 as of Apr. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on BJ's Wholesale Club Holdings According to the industry distribution chart, BJ's Wholesale Club Holdings ranks #999999 out of 80 companies in the Retail - Defensive industry.
Is BJ's Wholesale Club Holdings' Net-Net Working Capital too high?
BJ's Wholesale Club Holdings' current Net-Net Working Capital is $-36.81. Based on the distribution chart, BJ's Wholesale Club Holdings ranks #999999 out of 80 companies in the Retail - Defensive industry, which is in the bottom quartile relative to peers. Overall, BJ's Wholesale Club Holdings has a GF Score™ of 85/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does BJ's Wholesale Club Holdings' Net-Net Working Capital compare to PSMT and TBBB?
According to the Retail - Defensive industry distribution chart, BJ's Wholesale Club Holdings ranks #999999 out of 80 companies for Net-Net Working Capital. This places BJ's Wholesale Club Holdings in the lower half of its industry. The industry median Net-Net Working Capital is 5.37. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Retail - Defensive company?
The median Net-Net Working Capital among Retail - Defensive companies is 5.37, based on 80 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on BJ's Wholesale Club Holdings For the Retail - Defensive industry, the median Net-Net Working Capital is 5.37 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. BJ's Wholesale Club Holdings's current Net-Net Working Capital is $-36.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BJ's Wholesale Club Holdings stock overvalued right now?
Based on GuruFocus' analysis, BJ's Wholesale Club Holdings (BJ) is currently considered Fairly Valued. The stock's GF Value™ is $99.70, compared to a current price of $97.16 — trading 2.5% below its estimated fair value. The current Net-Net Working Capital is $-36.81. BJ's Wholesale Club Holdings' overall GF Score™ is 85/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For BJ's Wholesale Club Holdings (BJ), the current Net-Net Working Capital is $-36.81 as of Apr. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is BJ's Wholesale Club Holdings (BJ) Overvalued in 2026?
Based on GuruFocus' analysis, BJ's Wholesale Club Holdings stock appears to be undervalued.
The current stock price of $97.16 is trading 2.5% below its estimated GF Value™ of $99.70.
GuruFocus considers BJ's Wholesale Club Holdings to be Fairly Valued.
Key valuation signals for BJ:
Net-Net Working Capital: $-36.81
GF Value™: $99.70 vs. price of $97.16 (2.5% below fair value)
No single metric tells the full story. See the BJ stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
BJ's Wholesale Club, founded in 1984, operates a membership-based warehouse club model primarily along the US East Coast, with roughly 260 clubs and a growing domestic presence across 21 states. In fiscal 2025, the company generated over $21 billion in revenue. BJ's offers a value-oriented assortment skewed toward grocery, perishables, and consumables (72% of sales), general merchandise (11%), and gasoline (17%). Its business model is supported by recurring membership fee income and private-label brands such as Wellsley Farms and Berkley Jensen.
85GF Score
Get the complete analysis for BJ
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
BJ has been successfully added to your 
